Prices of New Homes Rise in San Francisco, Sales Fall According to Newest Data
Posted on: Aug 08, 2014 11:47:51 AM
New home closings in the San Francisco, CA market slid year-over-year in May, a move downward following a gain in April 2014. Closings dropped 1.2% from a year earlier to 256. This came after a 18.4% climb year-over-year in April.
A total of 3,235 new homes were sold during the 12 months that ended in May, down from 3,238 for the year that ended in April.
New home closings made up 5.2% of overall housing closings. A year ago, 4.8% of total closings were new home closings. For new and existing homes, closings declined in May after also declining in April year-over-year.
Pricing and Mortgage Trends
In May, the average price of newly sold homes increased year-over-year to $724,049 per unit, a 12.8% surge. This bump is smaller than the 32.5% lift in April year-over-year.
The average mortgage size on newly sold homes saw a bump year-over-year along with new home prices. The average mortgage size saw a 8.5% hike year-over-year to $536,425 in May. Average mortgage size rose 27.5% in April 2014 from a year earlier.